Project Expected to Extend Through 2027,
Supporting Multi-Year Visibility and Growth
Opportunities
HOUSTON, Dec. 22,
2022 /PRNewswire/ -- Quanta Services, Inc. (NYSE:
PWR) announced today that it has been selected by Xcel Energy as
its prime constructor to manage all construction activities for the
Colorado's Power
Pathway high-voltage electric transmission project in
Colorado. Quanta's scope of work
on the project consists of the construction of approximately 610
miles of 345 kV transmission infrastructure, consisting of up to
six segments and spanning more than a dozen counties, primarily in
eastern Colorado, and includes the
installation of four new substations and the expansion of four
existing substations. The project is designed to increase the
reliability of the state's power grid and enable future renewable
energy development in Colorado,
including approximately 5,500 megawatts of new wind, solar and
other resources that Xcel Energy plans to add through 2030.
Duke Austin, President and Chief
Executive Officer of Quanta Services commented, "Quanta has enjoyed
a long-standing relationship with Xcel Energy and this project
builds on our partnership. The project represents an innovative
model and collaborative approach with Xcel Energy that we believe
is a ground-breaking path for Quanta to continue to provide
collaborative infrastructure solutions to our customers. As a
result, we believe our design and constructability plan enhances
safety during construction and positions us to provide schedule,
quality and cost certainty for this important project."
"We are excited to move forward with Quanta Services on the
Colorado's Power Pathway project,
a monumental investment to build reliability in our transmission
system and enable access to significant renewable energy resources
in Colorado," said Robert Kenney, president of Xcel
Energy-Colorado. "We look forward to collaborating with Quanta as
we advance this critical project."
Certain segments of the project are expected to be completed in
2025, with other segments expected to be completed in 2026 and
2027. Preconstruction activities are expected to begin immediately,
with construction on the first segment scheduled to begin in
mid-2023. Quanta expects to include the estimated revenue for the
project in the remaining performance obligations and backlog
associated with its Renewable Energy Infrastructure Solutions
segment for the fourth quarter of 2022.
About Quanta Services
Quanta is a leading specialized
contracting services company, delivering comprehensive
infrastructure solutions for the utility, renewable energy,
communications, pipeline and energy industries. Quanta's
comprehensive services include designing, installing, repairing and
maintaining energy and communications infrastructure. With
operations throughout the United
States, Canada,
Australia and select other
international markets, Quanta has the manpower, resources and
expertise to safely complete projects that are local, regional,
national or international in scope. For more information, visit
www.quantaservices.com.
About Xcel Energy
Xcel Energy (NASDAQ: XEL) provides
the energy that powers millions of homes and businesses across
eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader
in responsibly reducing carbon emissions and producing and
delivering clean energy solutions from a variety of renewable
sources at competitive prices. For more information, visit
xcelenergy.com or follow us on Twitter and Facebook.
Cautionary Statement About Forward-Looking Statements and
Information
This press release (and any oral statements
regarding the subject matter of this press release) contains
forward-looking statements intended to qualify for the "safe
harbor" from liability established by the Private Securities
Litigation Reform Act of 1995. Forward-looking statements
include, but are not limited to, statements relating to
expectations regarding opportunities and trends in particular
markets or industries, including with respect to Quanta's increased
operations in the renewable energy market and the transition to a
reduced-carbon economy; the anticipated commencement and completion
dates for the project; the expected value of the contract for the
project, as well as the expected timing, scope, services, term or
results of the project; the expected or projected recognition and
realization of our remaining performance obligations or backlog;
the safety, efficiency or success, economic impact or performance
of the project; expectations regarding Quanta's plans, strategies
and opportunities; the development of and opportunities with
respect to future projects, including renewable energy projects and
other projects designed to support transition to a reduced-carbon
economy and electrical grid modernization; as well as
statements reflecting expectations, intentions, assumptions or
beliefs about future events and other statements that do not relate
strictly to historical or current facts. These forward-looking
statements are not guarantees of future performance; rather they
involve or rely on a number of risks, uncertainties, and
assumptions that are difficult to predict or are beyond our
control, and reflect management's beliefs and assumptions based on
information available at the time the statements are made. We
caution you that actual outcomes and results may differ materially
from what is expressed, implied, or forecasted by our
forward-looking statements and that any or all of our
forward-looking statements may turn out to be inaccurate or
incorrect. Forward-looking statements can be affected by inaccurate
assumptions and by known or unknown risks and uncertainties
including, among others, market, industry, economic, financial or
political conditions that are outside of the control of Quanta;
trends and growth opportunities in relevant markets; successful
performance and completion of the contract and the project awarded
thereunder; failure to realize the anticipated value of the
contract or the project; delays, reductions in scope or
cancellation of the project, including as a result of, among other
things, supply chain disruptions and other logistical challenges,
weather, regulatory or permitting issues, environmental processes,
project performance issues, claimed force majeure events, protests
or other political activity, legal challenges, inflationary
pressure, reductions or eliminations in governmental funding, or
customer capital constraints; the potential for claims associated
with schedule delays, performance shortfalls or Quanta's inability
or failure to comply with the terms of the contract for the
project, which may result in additional costs, unexcused delays,
warranty claims, failure to meet performance guarantees, damages or
contract termination; the potential to incur losses with
respect to fixed price contracts, including as a result of
inaccurate estimates of project costs or inability to meet project
schedule requirements or achieve guaranteed performance or quality
standards for a project; estimates and assumptions relating to
financial results, remaining performance obligations and backlog;
the inability or refusal of the customer to pay for Quanta's
services; failure of the customer to comply with applicable
regulatory requirements, which could result in delay or
cancellation of the project; fluctuations in the prices of certain
materials used for the project; Quanta's dependence on suppliers,
subcontractors, equipment manufacturers and other third parties and
the impact of, among other things, inflationary pressure;
regulatory, supply chain and logistical challenges; and the
COVID-19 pandemic on these third parties; the failure of suppliers,
subcontractors or other third party contractors to perform their
obligations, including warranty obligations, under their
subcontracts; and other risks and uncertainties detailed in
Quanta's Annual Report on Form 10-K for the year ended Dec. 31, 2021, Quanta's Quarterly Reports on Form
10-Q for the quarters ended Mar. 31,
2022,Jun. 30, 2022, and Sep. 30, 2022, and any other documents that
Quanta files with the Securities and Exchange Commission (SEC). For
a discussion of these risks, uncertainties and assumptions,
investors are urged to refer to Quanta's documents filed with the
SEC that are available through the company's website
at www.quantaservices.com or through the SEC's Electronic
Data Gathering and Analysis Retrieval System (EDGAR)
at www.sec.gov. Should one or more of these risks materialize,
or should underlying assumptions prove incorrect, actual results
may vary materially from those expressed or implied in any
forward-looking statements. Investors are cautioned not to place
undue reliance on these forward-looking statements, which are
current only as of this date. Quanta does not undertake and
expressly disclaims any obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Quanta further expressly disclaims any
written or oral statements made by any third party regarding the
subject matter of this press release.
Investors - Kip Rupp,
CFA, IRC
|
Media – Liz
James
|
Quanta Services,
Inc.
|
FGS Global
|
(713)
341-7260
|
281)
881-5170
|
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SOURCE Quanta Services, Inc.